What’s happening in New York real estate during this virus crisis? Similar to the rest of the world, everything is on hold. It’s “New York on pause”.
Right now agents can’t show apartments, and it is pretty tough to sell real estate when no one is viewing property. So we wait patiently for an update as to when we can return.
Everyone is making necessary adjustments. The days on market counter is suspended so apartments that are listed do not continue racking up the time. Many sellers decided to take their homes off the market anyway. Renters have been allowed to overstay leases, and many exceptions are being made including delayed mortgage payments.
These are unprecedented times; however New York real estate has always prevailed. Not only did we survive 2008-2009, we thrived in the years that followed.
There is opportunity in every economic downturn which makes this arguably the best time to find deals in the city. With an abundance of inventory, interest rates at all-time lows, zero buyer competition, and sellers who want out…New York City is on sale!
The Spotlight this month is on Off-Market Opportunities. There are more homes available for sale off-market than ever before. Let’s find the best apartment and go get a discount!!
